RESTAURANTS : Friday Food for Thought: The Delivery Tax - Digital Fees are the New Royalty

Research evidence excerpt

RESTAURANTS : Friday Food for Thought: The Delivery Tax - Digital Fees are the New Royalty

Legal Entity Disclosures and Country-/Region-Specific Disclosures

Abu Dhabi Global Market (ADGM): This report constitutes an Exempt Communication or is not otherwise subject to the financial promotion restriction

in accordance with the Financial Services and Markets Regulation of the ADGM. It is intended for distribution only to persons of a type specified in that

regulation. It must not be delivered to, or relied on by, any other person. The Financial Services Regulatory Authority (FSRA) does not accept any

responsibility for the content of the information included in this report, including the accuracy or completeness of such information. The FSRA has also

not assessed the suitability of the products or services to which this report relates to any particular investor or type of investor. If you do not understand

the contents of this report or are unsure whether the products or services to which this report relates are suitable for your individual investment objectives

and circumstances, you should consult an authorised financial adviser.

Australia: This report is being distributed in Australia by BNP Paribas, acting through its Australia Branch, registered in Australia as ABN 23 000 000

117 at 60 Castlereagh Street Sydney NSW 2000. BNP Paribas, acting through its Australia Branch is licensed under the Banking Act 1959 and the

holder of Australian Financial Services Licence no. 238043 and therefore subject to regulation by the Australian Securities & Investments Commission

in relation to delivery of financial services. By accepting this document, you agree to be bound by the foregoing limitations, and acknowledge that